The World Bank hails Georgias meteoric five-year rise from 112thin 2005 to 11th in the 2010 World Bank & IFC “Doing Business” Index as unprecedented. “Since the World Bank began keeping records,” says survey author Simeon Djankov, “no other country has made so many deep reforms in so many different areas so consistently.”
Consistent macroeconomic policies are producing strong economic growth, with GDP increases of close to 10% before the crisis, reaching max of 12% in 2007. Despite the slowdown caused by the global financial crisis, Georgia’s real GDP growth rate was 4.6 % in 2014.
Deep and Comprehensive Free Trade Agreement (DCFTA) Since June 27, 2014 products produced in Georgia can enter EU market without customs duty; Free Trade Agreements with Armenia, Azerbaijan, Kazakhstan, Moldova, Russian Federation, Turkey, Turkmenistan, Ukraine, Uzbekistan; Free Trade Agreements with EFTA. Generalized System of Preferences (GSP) with Canada, USA and Japan; since 2000 Georgia is a member of World Trade Organization.
The Government of Georgia is working hard to sustain future development of the Economy of Georgia. New Financial and Economic acts have been adopted by the Parliament, which obviously will help to maintain strong economic growth in Georgia.
Georgia has been rated as the world`s one of the best countries for doing business on the basis of its business infrastructure, financial, legal and professional services, and its low and simple tax system. The WB s report on Doing Business 2014 can easily prove Georgia as one of the best destination for investors.
Georgia`s new Labor Code, hailed as one of the world’s best in international rankings, reduces labor costs and gives greater freedom of contract to employers and employees. Simultaneously, Georgia offers the world’s most literate workforce, and very competitive prevailing wage rates.
According to 2016 Index of Economic Freedom, Georgia’s Economic Freedom Status is “Mostly Free” and ranks number 23 among 186 countries. And number 12 among regional countries. Georgia stands above countries like Norway, Finland, Austria, Latvia, etc.